Pipex sold to US-based NOV

Plymouth-based engineering and manufacturing group Pipex PX has been bought by a UK subsidiary of US-based National Oilwell Varco (NOV).

The latter, which provides equipment and components used in oil and gas drilling, will conduct a strategic review to determine how Pipex’s products and services will be integrated into its business.

Louise Workman, a corporate partner at Ashfords, led the team advising on the sale. She said: “The sale of Pipex PX to National Oilwell Varco will strengthen the engineering and manufacturing sector in the South West. We were delighted to have advised Pipex on the sale, ensuring that our client was left with the best possible outcome for the business and the staff.”

Tom Smith of Pipex said: “This is a very exciting time for us, and we look forward to seeing what the future brings.” Pipex was founded in 1975.